Cboe Global Markets Reports Trading Volume for November 2025

Rhea-AI Summary

Cboe (CBOE) reported November 2025 monthly trading volumes across its global business lines with multiple year‑over‑year gains and several monthly records.

Key figures: multi‑listed options ADV of 14.429M contracts (+16.8% YoY, YTD 13.670M, +27.0%); index options ADV of 5.856M contracts (+41.4% YoY); U.S. on‑exchange equities ADV of 1.802B matched shares (+12.5% YoY, YTD 1.790B, +29.6%); Global FX ADV notional $53.12B (+7.2% YoY).

Records: proprietary index options ADV record 5.9M; SPX options ADV record 4.6M; SPX 0DTE ADV record 2.8M; SPX global hours ADV record 122k; XSP ADV record 132k; Cboe SEF NDF ADNV record $3.5B.

Positive

• Index options ADV +41.4% YoY (Nov 2025: 5.856M contracts)
• Multi‑listed options YTD ADV +27.0% (YTD: 13.670M contracts)
• U.S. on‑exchange equities YTD ADV +29.6% (YTD: 1.790B matched shares)
• European equities YTD ADV +32.4% (YTD: €13,035M)
• Cboe SEF NDF ADNV record of $3.5B

Negative

• Cboe Clear Europe monthly cleared trades down 15.3% MoM (Oct 2025 to Nov 2025)
• Australian equities ADV down 9.3% MoM (Oct to Nov 2025)

Insights

Market Structure Analyst

Strong month: multiple ADV records in proprietary index options and broad year‑over‑year volume gains across products.

Average daily volumes rose materially year‑over‑year in key lines: multi‑listed options +16.8%, index options +41.4%, and U.S. on‑exchange equities +12.5%, with several proprietary index option ADV records including SPX and 0DTE highs. The release also notes a new Cboe SEF NDF ADNV record of $3.5 billion. These figures show higher activity concentration in index and options products during Nov 2025.

Risks and dependencies: reported metrics include a one‑month lag for RPC/net revenue capture, so revenue translation will arrive later and should be checked when published. Futures metrics exclude Digital futures prior to Q2 2025, so comparability is limited for longer historical series. Watch the next RPC/net capture publication and sequential monthly releases for persistent trends over the coming quarter.

CHICAGO, Dec. 3, 2025 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today reported November monthly trading volume statistics across its global business lines.

The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain November trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.

Average Daily Trading Volume (ADV) by Month										Year-To-Date
	Nov 2025	Nov 2024		% Chg		Oct  2025		%  Chg		Nov 2025	Nov 2024	%  Chg
Multi-listed options (contracts, k)	14,429	12,355		16.8 %		15,892		-9.2 %		13,670	10,761	27.0 %
Index options (contracts, k)	5,856	4,141		41.4 %		5,511		6.3 %		4,939	4,101	20.4 %
Futures (contracts, k)1	284	222		28.3 %		259		9.8 %		232	241	-3.8 %
U.S. Equities - On-Exchange (matched shares, mn)	1,802	1,601		12.5 %		2,020		-10.8 %		1,790	1,381	29.6 %
U.S. Equities - Off-Exchange (matched shares, mn)	202	94		115.0 %		227		-10.7 %		154	80	93.5 %
Canadian Equities (matched shares, k)	186,073	159,068		17.0 %		211,986		-12.2 %		165,575	146,992	12.6 %
European Equities (€, mn)	12,772	11,262		13.4 %		13,192		-3.2 %		13,035	9,849	32.4 %
Australian Equities (AUD, mn)	1,025	822		24.7 %		1,130		-9.3 %		952	791	20.4 %
Global FX ($, mn)	53,120	49,565		7.2 %		55,134		-3.7 %		52,880	47,048	12.4 %
Cboe Clear Europe Cleared Trades (k)	106,229	114,701		-7.4 %		125,392		-15.3 %		1,373,921	1,132,456	21.3 %
Cboe Clear Europe Net Settlements (k)	1,156	995		16.2 %		1,305		-11.5 %		12,493	10,273	21.6 %
1 In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products.

November 2025 Trading Volume Highlights   

U.S. Options

• Trading in Cboe's proprietary index options suite set several volume records for the month, including:
  • New overall proprietary index options ADV record of 5.9 million contracts.
  • New S&P 500 Index (SPX) options ADV record of 4.6 million contracts.
  • New SPX zero-days-to-expiry (0DTE) options ADV record of 2.8 million contracts.
  • New SPX ADV record of 122 thousand during Cboe's global trading hours session (8:15 PM to 9:25 AM ET).
  • New mini-SPX (XSP) ADV record of 132 thousand contracts.

Global FX

• Global FX set a new Cboe SEF (Swap Execution Facility) Non-Deliverable Forwards average daily notional value (ADNV) record of $3.5 billion.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX across North America, Europe, and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more, visit www.cboe.com.

Cboe Media Contacts			Cboe Analyst Contact
Angela Tu	Tim Cave			Kenneth Hill, CFA
+1-646-856-8734	+44 (0) 7593-506-719			+1-312-786-7559
atu@cboe.com	tcave@cboe.com			khill@cboe.com

CBOE-V

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Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities or futures in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

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There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/. 

Options involve risk and are not suitable for all market participants. Prior to buying or selling an option, a person should review the Characteristics and Risks of Standardized Options (ODD), which is required to be provided to all such persons. Copies of the ODD are available from your broker or from The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606. 

 

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SOURCE Cboe Global Markets, Inc.

FAQ

What was Cboe (CBOE) average daily multi‑listed options volume in November 2025?

Multi‑listed options ADV was 14.429 million contracts in November 2025, up 16.8% year‑over‑year.

Which Cboe products set volume records in November 2025?

Cboe reported records for proprietary index options (5.9M ADV), SPX options (4.6M ADV), SPX 0DTE (2.8M ADV), SPX global hours (122k ADV), and XSP (132k ADV).

How did Cboe’s Global FX business perform in November 2025?

Global FX ADV notional was $53.12 billion in November 2025, and Cboe SEF set an NDF ADNV record of $3.5 billion.

What change occurred in Cboe Clear Europe volumes in November 2025?

Cboe Clear Europe cleared trades were down 15.3% month‑over‑month from October to November 2025.

How much did U.S. on‑exchange equities ADV change year‑to‑date for Cboe in 2025?

U.S. on‑exchange equities YTD ADV was 1.790 billion matched shares, up 29.6% versus 2024 YTD.

Did Cboe report growth in index options volume for November 2025 and by how much?

Yes; index options ADV in November 2025 was 5.856 million contracts, a 41.4% increase year‑over‑year.